Research from Atrium Research, Atrium Research Corporation

Atrium Research

Atrium Research provides institutional quality issuer paid research on public equities in North America. Our investment philosophy takes a 3-5 year view on equities currently being overlooked by the market. Our research process emphasizes understanding the key performance metrics for each specific company, trustworthy management teams, unit economics, and an in-depth valuation analysis.

Our research product includes in-depth initiation reports, research notes, thematic research pieces, and company fact sheets.

Research from Atrium Research

Atrium Research Corporation

Atrium Research provides institutional quality issuer paid research on public equities in North America. Our investment philosophy takes a 3-5 year view on equities currently being overlooked by the market. Our research process emphasizes understanding the key performance metrics for each specific company, trustworthy management teams, unit economics, and an in-depth valuation analysis. 

Our research product includes in-depth initiation reports, research notes, thematic research pieces, and company fact sheets.

Equity Bottom-Up

<ul>
<li>ADF reported Q4 &amp; FY25 financials that were a slight miss to our estimates.</li>
<li>For Q4, revenue came in at $77.4M (-12% YoY) vs. our estimate of $80.0M and EBITDA came in at $19.2M (+24% YoY) vs. our estimate of $19.7M.</li>
<li>FY25 marked another stellar year for ADF, however, the tariff situation is impacting management’s ability to sign new contracts, who are now expecting a decline in revenue and margins in FY26.</li>
</ul>


ADF reported Q4 &amp; FY25 financials that were a slight miss to our estimates.
For Q4, revenue came in at $77.4M (-12% YoY) vs. our estimate of $80.0M and EBITDA came in at $19.2M (+24% YoY) vs. our estimate of $19.7M.
FY25 marked another stellar year for ADF, however, the tariff situation is impacting management’s ability to sign new contracts, who are now expecting a decline in revenue and margins in FY26.


DRX: Record FY Financials; Lowering Estimates on Tariff Impacts

ADF Group

DRX: Record FY Financials; Lowering Estimates on Tariff Impacts